Growthpoint Shifts Melbourne Logistics Asset in 48 Hours

Real estate investment company Growthpoint Properties Australia has moved along an industrial asset in Melbourne’s east for a 13 per cent premium.

An unidentified buyer scooped up the 14,750sq m site at 3 Millennium Court at Knoxfield, 27km from the Melbourne CBD, for $22 million. 

The off-market deal was brokered quickly by CBRE’s David Aiello and Sasan Misaghian, ending a long search by the buyer. 

“Within 48 hours we had secured the unconditional offer from a local occupier who had been seeking a main-road freehold opportunity in Melbourne’s east for more than five years,” Misaghian said.

The sale was 13 per cent above the listed book value of $19.4 million.

The warehouse and office on the site have a total building area of 8089 square metres. 

Opal Packaging occupies the site, which has a weighted average lease expiry of 1.7 years as of June of last year.

▲ The foyer at 141 Camberwell Road, Hawthorn East, another of Growthpoint Properties’ assets in its $6-billion portfolio.

The site has dual street frontages to Millennium Court and Ferntree Gully Service Road. The HomeCo Knoxfield shopping centre is opposite on Millennium Court.

Growthpoint Properties Australia is an ASX-listed real estate investment trust (REIT) that had $6 billion under management as of June, 2024.